Really? British Royal wedding to cost £32 million and boost the economy by £80m?

According to estimates, the cost of the royal wedding this weekend is to be around £32m, with £30m going on security. Whilst republicans might complain this is far too high, the event, which is predicted to be viewed by 3 billion people worldwide, will boost the British economy by £80m – that’s 150% higher than the cost.

This research was conducted by Opening Times: https://www.opening-times.co.uk/publications/the-royal-wedding-impact-on-uk-business-opening-times/

 Referred to as a ‘constitutional event’ by the BBC and ‘nationally significant’ by Home Office minister Baroness Williams, royal weddings are an institution for British people.

Following William and Katherine’s wedding in 2011, this year, it’s the younger brother’s turn. Harry, the 33-year-old prince, is marrying Meghan Markle, 36, an American actress, on Saturday 19th May. The wedding is expected to be viewed by almost three billion people – or 40% of the world population! Two billion people viewed William and Kate’s wedding, and advances in technology plus social media mean more people than ever will be able to live stream the event on the Saturday.

As part of the same study, local business in Windsor were also surveyed. According to our research:

·         55% plan to remain open as usual

·         20% have changed their opening hours to fit the royal wedding

·         25% are still unsure on whether they will remain open or have their opening hours changed

The opening times of bars and pubs have been extended to 1am on Friday and Saturday night specifically for the event, which is expected to bring an extra £10m revenue across the country.

With so many people visiting Windsor and watching on TV, the wedding will be a boost to British businesses. But will the boost to the economy outweigh the cost of the wedding itself? According to a recent study, the wedding is estimated to cost almost £32m, with a security bill of almost £30m. That’s 1,000 times more expensive than the average wedding (obviously most people getting married don’t require such a comprehensive security operation)! Whilst republican taxpayers may bristle at having to pay 56p on average to the royal family each year, the monarchy contributes more to the British economy then one might think. With an expected 150,000 visitors in Windsor, shops are anticipating a boost in sales during the days preceding and following the wedding. Some analysts have predicted £60m to be spent by tourists on that weekend alone. Hotels and other lodging owners will see a huge windfall. Airbnb has announced that 42,000 people will be staying specifically for that weekend (usually London has around 10,000 rentals a week). They also said that Windsor inhabitants could make £350 a night for renting their property during the wedding weekend. Small businesses, hotels, and up-market property owners, specifically those having a view on the parade’s street, are rumoured to have sold rooms for up to £10,000 a night! The extra authorised opening hours for pubs is also said to contribute around £10m extra revenue to pubs across the country. Overall, the British economy is expected a £80m boost – 150% more than the cost of the wedding itself.